Tag Archives: 3.) Swissinfo Business and Economy

According to the US Securities and Exchange Commission, the hacking and insider trading scheme made a total of $82 million from 2018 through 2020. Keystone / Anonymous The Russian businessman extradited from Switzerland to the United States and four other Russians have been charged with carrying out a $82-million (CHF75 million) insider trading scheme using data stolen during hacks of US computer networks. US federal prosecutors in Boston announcedExternal link on...

The World Economic Forum has been forced to roll up its plans once again. Keystone / Jean-christophe Bott The Covid-19 pandemic has severely disrupted plans to hold the World Economic Forum’s (WEF) main annual meeting in Davos for a second year in a row. On Monday, WEF said it would defer the gathering of influential global business and political heads from the planned date in January to an undefined time in early summer. WEF organisers said the spread of the Omicron...

UBS maintains that the evidence presented in court was insufficient to show guilt. Keystone / Sebastian Gollnow Switzerland’s largest bank, UBS, says it will once again appeal a fine handed out by a French court for tax evasion offences. On December 13, a Paris appeal court confirmed a previous ruling that UBS was criminally guilty of assisting French tax evaders but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billionExternal link. The bank, which...

Rival UBS’s wealth business has left Credit Suisse trailing in the past couple of years. © Keystone / Ennio Leanza Credit Suisse has hired the former chief executive of Australian finance group AMP to run its revamped wealth management division, as the Swiss lender tries to win market share from its domestic rival UBS. Francesco De Ferrari, who worked for Credit Suisse between 2002 and 2018, left AMP in June after a tough two years running the Australian wealth...

Earlier this year, the bank, which was set up in 1965, announced it is ceasing private banking. Headquartered in Zurich, the bank has had subsidiaries in Geneva, Hongkong and Singapore as well as representations in Abu Dhabi, Dubai and London. © Keystone/Ennio Leanza A Swiss court has found the Zurich-based Falcon Private Bank guilty of money-laundering offences. The Federal Criminal CourtExternal link on Wednesday ordered the Abu Dhabi-owned bankExternal link to pay...

The official retirement age for women will be put at 65 in line with that of men in Switzerland under the reform approved by parliament but opposed by trade unions and the political left. Keystone/Gaetan Bally Parliament has approved a major reform of the Swiss pension system, including a controversial rise in the retirement age for women. The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well...

The bank said it was willing to intervene in the foreign exchange market “as necessary” to mitigate upward pressure on the franc. Keystone / Peter Klaunzer The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation. On Thursday, the SNB announcedExternal link it was keeping the monetary policy rate at -0.75%. In doing so the bank wrote in a...

A view of the Alps inside the Swiss pavilion at Expo 2020 Dubai. Www.sebastiencrettaz.com The Swiss pavilion at the ongoing Universal Exposition in Dubai leads the visitor through Alpine landscapes in a show of light and shadows to showcase Swiss sustainability, urbanisation and innovation. It is a concept that seems to appeal to the public, despite the pandemic and the many contradictions that characterise the Gulf region. With an investment of CHF16.5 million...

The hydroelectric dam at Zervreila, canton Graubünden. Keystone / Gian Ehrenzeller Authorities, environmental groups, and energy providers have named 15 major hydropower projects that could help Switzerland achieve energy security and a green transition over the coming decades. The projects were chosen for their energy efficiency potential as well as their minimal impact on biodiversity and the landscape, the groups wrote in a joint declaration on Monday. It was the...

US President Joe Biden called Switzerland a tax haven during his State of the Union address in April Copyright 2021 The Associated Press. All Rights Reserved A major global corporate tax deal agreed by more than 130 countries in October aims to curb tax abuse by multinational companies, but many important details remain on how this will be implemented. When US President Joe Biden called Switzerland a tax haven earlier this year, Swiss authorities promptly rejected...